PlastIndia: IndianOil Advances Paradip Cracker, to Double Investments

3:54 AM MST | February 3, 2012 | Natasha Alperowicz in New Delhi

IndianOil is expected to double investments in its petrochemicals business by spending an additional $5 billion over the next few years, S. Mitra executive director/petrochemicals at Indian Oil tells CW. The company has so far spent about $4 billion, he says. Speaking on the sidelines of the PlastIndia conference currently taking place in New Delhi, he said that the investments will include a new cracker, which the company has been contemplating for a number of years. It will be based at Paradip on the east coast of India, where the company is building a...